9911796707
TMI Blog2023 (4) TMI 282X X X X Extracts X X X X X X X X Extracts X X X X ..... aid interest income, which was being assessed as income from other sources u/s 56 of the I.T.Act, and if so, such expenditure ought to be allowed as a deduction u/s 57 . Matter restored to the files of the A.O. The A.O. is directed to consider the issue afresh Receipts from e-stamping eligible for deduction u/s 80P - The assessee submits that it had not claimed the receipts from e-stamping as a deduction u/s 80P and therefore, this ground does not survive. We restore the issue raised in ground No.2 to the files of the A.O. A.O. is directed to examine whether the assessee had claimed deduction with respect to the receipts from e-stamping and decide the matter in accordance with law. Benefit of section 80P with regard to credit facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... thdrawing the deduction claimed u/s 80P(1)(d) of the IT Act ignoring the fact that the said interest income had accrued to the assessee on account of deposits with scheduled Banks which is against the provisions of the IT Act and settled position of law in the case of M/s Totagars Co-operative Sale Society Vs ITO (SC) 322 ITR 283. (ii) The CIT(A) has erred in allowing the deduction claimed u/s 80P(1) of the IT Act with respect to receipts from Estamping ignoring the fact that the said receipts are beyond the ambit of regular business operations of the assessee and are not covered by the principle of mutuality. (iii) The CIT(A) has erred in setting aside the issue of verification to the file of AO, whether extension of credit facil ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a)(ia) as discussed above. Rs.9,01,767.00 Rs.3,79,89,382.00 Total Income R/O Rs.3,79,89,382.00 6. Aggrieved, the assessee filed appeal before the first appellate authority. The CIT(A) vide the impugned order dated 21.11.2022, disposed of the assessee s appeal. The CIT(A) partly allowed the assessee s appeal. 7. Aggrieved by the order of the CIT(A), the Revenue has filed the present appeal before the Tribunal. The learned Departmental Representative relied on the grounds raised. 8. The learned AR, on the other hand, submitted that the assessee had also filed an appeal before the Tribunal as against the impugned order of the CIT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... orted in 231 Taxman 794, restored the matter to the A.O. The Tribunal directed the A.O. to examine whether the assessee had incurred any expenses for earning the said interest income, which was being assessed as income from other sources u/s 56 of the I.T.Act, and if so, such expenditure ought to be allowed as a deduction u/s 57 of the I.T.Act. Since the issue in assessee s appeal has already been restored to the files of the A.O., the ground No.1 raised in Revenue s appeal is also restored to the files of the A.O. The A.O. is directed to consider the issue afresh in line with the direction of the Tribunal order in ITA No.1156/Bang/2022 (order dated 10.03.2023). 10. Ground No.2 raised in Revenue s appeal is with reference to the receipts ..... X X X X Extracts X X X X X X X X Extracts X X X X
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